the rules for the stock market. guest: let me be clear, i am not giving investment advice. and the rules really have not changed. back in 2000, when the stock market was 14,000, the price-to- earnings ratio was about 30. today, it is about $15. you are paying about half of what used to for the sake earning power. that is positive for potential returns, going forward. but if you look at other things such as stagnation, deflationary, yes, it would be bad for the market. but if that's if you wish and does not materialize, it would not be an overvalued market. host: greensboro, north carolina. roger, republican line.